When comparing the re-emergence of Europe’s real estate market with how real estate has recovered in the United States, investors and analysts speaking to The Mortgage Observer often pointed out, to use a baseball metaphor, that Europe today is barely in the first inning. Of course, this metaphor would hardly be appreciated in Europe. Nonetheless, it is fitting, given that even overseas, the game is increasingly an all-American one.
More than 300 real estate professionals crowded the Metropolitan Club early Thursday morning, despite snow-covered sidewalks, for the Observer Media Group’s third annual Masters of Real Estate forum.
Sponsored by Fried Frank and Marks Paneth & Shron, the event drew boldface names like Larry Silverstein and Mortimer Zuckerman, who spoke about the devastation wrought by Sandy, not to mention financiers like Angelo Gordon & Co.’s Adam Schwartz and Rockpoint Group’s Keith Gelb, who weighed in on opportunistic investments.
Below, reporter Al Barbarino walks the room and listens in on the panels, striving to put his finger on the commercial real estate industry’s pulse, minute by minute.
Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.
Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual.
The Mortgage Observer has learned that a $200 million refinancing of the Carlton House condominium conversion is in the works. Bank of America is in talks with partners Angelo, Gordon & Co. and Extell Development to provide the financing, though the loan hasn’t closed and terms weren’t available.
In the world of Gary Barnett, everything is the best.
The president of Extell Development, a company he launched in the 1990s following a stint as a diamond trader in Belgium, made this plainly clear during a recent tour of One57, his 1,005-foot-tall tower near Carnegie Hall on West 57th Street. When completed, the building will rank not only among the city’s tallest properties, but, with its views of Central Park, among its most luxurious as well. In other words, the best.
On the One57 amenities: “This will be the best amenities package in the entire city. All the others are good. But they don’t have everything.”
On the One57 finishes: “Look at this kitchen. Where will you find a kitchen anywhere like this? It’s the best, and we have two of them.”
On the One57 floor plans: “We have the best floor plans on the market.”